The QE Index declined 0.5% to close at 13,987.0. Losses were led by the Industrials and Telecoms indices, falling 1.0% and 0.5%, respectively

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QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 0.5% to close at 13,987.0. Losses were led by the Industrials and
Telecoms indices, falling 1.0% and 0.5%, respectively. Top losers were Mannai
Corporation and Qatari Investors Group, falling 2.9% and 1.8%, respectively. Among the
top gainers, Islamic Holding Group gained 6.9%, while Baladna was up 4.5%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.5% to close at 13,463.1. Losses were led by the
Commercial & Professional Svc and Food & Beverages indices, falling 2.0% and 1.9%,
respectively. Salama Cooperative Insurance Co. was declined 10.0% While Saudi Home
Loans Co. were down 6.5% each.
Dubai: The Market was closed on April 24, 2022.
Abu Dhabi: The Market was closed on April 24, 2022.
Kuwait: The Kuwait All Share Index fell 0.4% to close at 8,237.1. The Energy index
declined 0.9%, while the Industrials index fell 0.7%. Real Estate Trade Centers Company
declined 10.7%, while Educational Holding Group was down 5.0%.
Oman: The MSM 30 Index fell 0.4% to close at 4,219.3. Losses were led by the Services
and Financial indices, falling 0.7% and 0.3%, respectively. Sembcorp Salalah Power and
Water Co. declined 4.9%, while National Finance Company was down 3.2%.
Bahrain: The BHB Index fell 0.3% to close at 2,079.8. The Materials and Industrials
Indices declined marginally. Ithmaar Holding declined 3.3%, while APM Terminals
Bahrain was down 2.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 6.29 6.9 13,199.1 59.4
Baladna 1.64 4.5 46,357.0 13.5
Qatar Navigation 8.87 1.5 253.7 16.1
QLM Life & Medical Insurance Co. 5.38 1.3 95.4 6.4
Alijarah Holding 0.90 1.1 5,417.4 (4.6)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Baladna 1.64 4.5 46,357.0 13.5
Salam International Inv. Ltd. 1.05 (0.6) 21,113.7 27.7
Masraf Al Rayan 5.78 0.6 10,639.6 24.6
Investment Holding Group 2.49 0.2 10,114.2 102.8
Mazaya Qatar Real Estate Dev. 0.89 0.3 7,707.9 (3.7)
Market Indicators 24 Apr 22 21 Apr 22 %Chg.
Value Traded (QR mn) 428.7 722.1 (40.6)
Exch. Market Cap. (QR mn) 777,159.8 781,044.8 (0.5)
Volume (mn) 148.8 183.4 (18.9)
Number of Transactions 7,878 13,825 (43.0)
Companies Traded 45 46 (2.2)
Market Breadth 15:26 20:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 28,544.78 (0.5) (0.5) 24.0 28,544.78
All Share Index 4,452.46 (0.4) (0.4) 20.4 4,452.46
Banks 6,061.36 (0.4) (0.4) 22.1 6,061.36
Industrials 5,271.75 (1.0) (1.0) 31.0 5,271.75
Transportation 4,030.98 0.6 0.6 13.3 4,030.98
Real Estate 1,882.65 (0.1) (0.1) 8.2 1,882.65
Insurance 2,684.85 0.3 0.3 (1.5) 2,684.85
Telecoms 1,099.33 (0.5) (0.5) 3.9 1,099.33
Consumer 8,818.43 (0.5) (0.5) 7.3 8,818.43
Al Rayan Islamic Index 5,712.91 (0.3) (0.3) 21.1 5,712.91
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Acwa Power Co. Saudi Arabia 138.40 2.2 2,594.7 64.8
Boubyan Bank Kuwait 0.93 2.1 1,338.7 22.9
Abu Dhabi Commercial Bank Abu Dhabi 10.28 1.4 6,394.6 20.5
Emirates NBD Dubai 15.20 1.3 2,176.6 12.2
Bank Muscat Oman 0.54 1.1 3,000.0 17.1
GCC Top Losers##
Exchange Close#
1D% Vol.‘000 YTD%
Rabigh Refining & Petro. Saudi Arabia 27.65 (6.0) 3,321.2 33.6
Savola Group Saudi Arabia 35.05 (4.2) 324.2 9.7
Jabal Omar Dev. Co. Saudi Arabia 28.10 (3.8) 1,532.2 10.6
Saudi Arabian Mining Co. Saudi Arabia 132.00 (3.6) 1,124.0 68.2
Knowledge Economic City Saudi Arabia 17.06 (3.0) 629.1 5.6
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/ losers derived from the S&P GCC Composite Large Mid Cap
Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Mannai Corporation 9.90 (2.9) 530.2 108.5
Qatari Investors Group 2.36 (1.8) 1,687.0 6.1
Qatar Fuel Company 18.47 (1.3) 824.4 1.0
Industries Qatar 19.96 (1.2) 3,313.6 28.9
Qatar Aluminum Manufacturing Co. 2.52 (1.2) 5,395.2 39.9
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Baladna 1.64 4.5 74,764.8 13.5
Industries Qatar 19.96 (1.2) 66,319.0 28.9
Masraf Al Rayan 5.78 0.6 61,610.8 24.6
Islamic Holding Group 6.29 6.9 40,380.1 59.4
Investment Holding Group 2.49 0.2 25,174.9 102.8
Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield
Qatar* 13,986.98 (0.5) (0.5) 3.4 20.3 118.40 212,553.2 18.0 2.0 3.1
Dubai# 3,682.82 0.5 2.3 4.4 15.2 83.24 106,102.4 17.3 1.3 2.7
Abu Dhabi# 10,112.51 0.2 1.7 1.8 19.4 445.14 505,485.9 23.5 2.9 1.9
Saudi Arabia 13,463.09 (0.5) (0.5) 2.8 19.3 1,585.13 3,203,945.9 25.2 2.9 2.2
Kuwait 8,237.10 (0.4) (0.4) 1.1 17.0 152.61 157,927.4 21.7 1.9 2.4
Oman 4,219.30 (0.4) (0.4) 0.3 2.2 18.67 19,754.3 12.2 0.8 4.9
Bahrain 2,079.81 (0.3) (0.3) 0.3 15.7 5.64 33,476.2 8.8 1.0 5.4
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any, # Data as of April 22, 2022)
13,950
14,000
14,050
14,100
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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Qatar Market Commentary
• The QE Index declined 0.5% to close at 13,987. The Industrials and Telecoms
indices led the losses. The index fell on the back of selling pressure from Qatari
and Arab shareholders despite buying support from GCC and Foreign
shareholders.
• Mannai Corporation and Qatari Investors Group were the top losers, falling 2.9%
and 1.8%, respectively. Among the top gainers, Islamic Holding Group gained
6.9%, while Baladna was up 4.5%.
• Volume of shares traded on Sunday fell by 18.9% to 148.8mn from 183.4mn on
Thursday. Further, as compared to the 30-day moving average of 253.2mn,
volume for the day was 41.2% lower. Baladna and Salam International Inv. Ltd.
were the most active stocks, contributing 31.2% and 14.2% to the total volume,
respectively.
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 50.22% 42.28% 34,020,293.3
Qatari Institutions 13.29% 27.85% (62,431,102.9)
Qatari 63.50% 70.13% (28,410,809.6)
GCC Individuals 0.41% 0.29% 523,376.7
GCC Institutions 3.63% 0.96% 11,418,236.8
GCC 4.04% 1.25% 11,941,613.6
Arab Individuals 15.03% 15.65% (2,640,714.9)
Arab Institutions 0.00% 0.19% (820,000.0)
Arab 15.03% 15.84% (3,460,714.9)
Foreigners Individuals 3.23% 5.09% (7,974,366.1)
Foreigners Institutions 14.20% 7.69% 27,904,277.0
Foreigners 17.43% 12.78% 19,929,910.9
Source: Qatar Stock Exchange (*as a % of traded value)
Earnings Releases and Earnings Calendar
Earnings Releases
Company Market
Currenc
y
Revenue
(mn) 1Q2022
% Change
YoY
Operating Profit
(mn) 1Q2022
% Change
YoY
Net Profit
(mn)
1Q2022
% Change YoY
Saudi Paper Manufacturing Co. Saudi Arabia SR 194.7 22.8% 18.5 -5.1% 13.3 -5.4%
National Shipping Company of Saudi Arabia Saudi Arabia SR 1,579.1 32.8% 119.1 94.0% 64.9 49.0%
Saudi Automotive Services Co. Saudi Arabia SR 1,272.5 69.5% 20.4 -13.2% 8.0 -33.2%
Thob Al Aseel Co. Saudi Arabia SR 186.3 34.2% 24.5 27.5% 19.0 35.8%
Elm Co. Saudi Arabia SR 1,092.0 41.1% 270.0 59.8% 250.0 47.9%
Banque Saudi Fransi Saudi Arabia SR 1,492.0 6.0% 1,851.0 3.1% 875.0 12.2%
Al Sulaiman Al Habib Medical Services Saudi Arabia SR 1,990.9 17.5% 422.1 20.7% 390.5 22.4%
Oman Telecommunications Co. Oman OMR 634.8 5.3% N/A N/A 62.5 11.6%
Oman National Engineering & Investment Oman OMR 18.0 17.5% N/A N/A 0.4 22.8%
Al Batinah Development & Investment Holding Co. Oman OMR 77.5 -21.2% N/A N/A 26.8 -46.4%
Oman Packaging Co. Oman OMR 3.4 9.7% N/A N/A 0.1 -62.0%
Source: Company data: DFM, ADX, MSM, TASI, BHB. (#Values in Thousands, *Financial for 1Q2022)
Earnings Calendar
Tickers Company Name Date of reporting 1Q2022 results No. of days remaining Status
DBIS Dlala Brokerage & Investment Holding Company 25-Apr-22 0 Due
QGRI Qatar General Insurance & Reinsurance Company 25-Apr-22 0 Due
QIGD Qatari Investors Group 25-Apr-22 0 Due
ERES Ezdan Holding Group 25-Apr-22 0 Due
IQCD Industries Qatar 25-Apr-22 0 Due
ZHCD Zad Holding Company 25-Apr-22 0 Due
IGRD Investment Holding Group 25-Apr-22 0 Due
QLMI QLM Life & Medical Insurance Company 25-Apr-22 0 Due
QATI Qatar Insurance Company 26-Apr-22 1 Due
GWCS Gulf Warehousing Company 26-Apr-22 1 Due
MPHC Mesaieed Petrochemical Holding Company 26-Apr-22 1 Due
QISI Qatar Islamic Insurance Group 26-Apr-22 1 Due
MERS Al Meera Consumer Goods Company 26-Apr-22 1 Due
MCCS Mannai Corporation 26-Apr-22 1 Due
VFQS Vodafone Qatar 26-Apr-22 1 Due
QIMD Qatar Industrial Manufacturing Company 26-Apr-22 1 Due
ORDS Ooredoo 27-Apr-22 2 Due
MRDS Mazaya Qatar Real Estate Development 27-Apr-22 2 Due
AHCS Aamal Company 27-Apr-22 2 Due
DHBK Doha Bank 27-Apr-22 2 Due
QFBQ Qatar First Bank 27-Apr-22 2 Due
QOIS Qatar Oman Investment Company 27-Apr-22 2 Due

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QAMC Qatar Aluminum Manufacturing Company 27-Apr-22 2 Due
GISS Gulf International Services 27-Apr-22 2 Due
MARK Masraf Al Rayan 27-Apr-22 2 Due
DOHI Doha Insurance Group 27-Apr-22 2 Due
BLDN Baladna 27-Apr-22 2 Due
QCFS Qatar Cinema & Film Distribution Company 27-Apr-22 2 Due
AKHI Al Khaleej Takaful Insurance Company 27-Apr-22 2 Due
Source: QSE
Qatar
 QIIK's bottom line rises 5.0% YoY and 80.3% QoQ in 1Q2022, in-line
with our estimate – Qatar International Islamic Bank's (QIIK) net profit rose
5.0% YoY (+80.3% QoQ) to QR294.9mn in 1Q2022, in line with our estimate
of QR296.2mn (variation of -0.4%). Total income from financing & investing
activities decreased 6.9% YoY and 2.0% QoQ in 1Q2022 to QR516.9mn. The
company's total income came in at QR593.4mn in 1Q2022, which represents
a decrease of 2.8% YoY (-2.1% QoQ). The bank's total assets stood at
QR64.8bn at the end of March 31, 2022, up 4.0% YoY (+4.9% QoQ). Financing
assets were QR37.8bn, registering a decline of 10.0% YoY at the end of March
31, 2022. However, on QoQ basis, financing assets increased 2.2%.
Customers' current accounts declined 2.1% YoY to reach QR8.0bn at the end
of March 31, 2022. However, on QoQ basis, customers' current accounts rose
7.9%. The earnings per share amounted to QR0.19 in 1Q2022 as compared to
QR0.19 in 1Q2021. (QSE, QNBFS Research)
 BRES posts 20.8% YoY increase but 39.4% QoQ decline in net profit in
1Q2022 – Barwa Real Estate Company's (BRES) net profit rose 20.8% YoY
(but declined 39.4% on QoQ basis) to QR228.9mn in 1Q2022.The company's
net rental and finance lease income came in at QR326.8mn in 1Q2022, which
represents a decrease of 2.9% YoY (-5.9% QoQ). EPS amounted to QR0.059 in
1Q2022 as compared to QR0.049 in 1Q2021. (QSE)
 IHGS' bottom line rises 412.2% YoY and 269.0% QoQ in 1Q2022 – Islamic
Holding Group 's (IHGS) net profit rose 412.2% YoY (+269.0% QoQ) to
QR6.4mn in 1Q2022.The company's net brokerage & commission income
came in at QR5.7mn in 1Q2022, which represents an increase of 207.3% YoY
(+77.9% QoQ). EPS amounted to QR0.113 in 1Q2022 as compared to QR0.022
in 1Q2021. (QSE)
 QGMD reports net profit of QR0.5mn 1Q2022 – Qatari German Company
for Medical Devices (QGMD) reported net profit of QR0.5mn in 1Q2022 as
compared to net profit of QR0.5mn in 1Q2021 and net loss of QR0.4mn in
4Q2021. EPS amounted to QR0.0045 in 1Q2022 as compared to QR0.004 in
1Q2021. (QSE)
 QCB: Qatar banks post 24.51% YoY rise in provisions in February – The
provisions towards expected credit loss grew slower (year-on-year) than the
total provisions in Qatar's commercial lenders in February, according to the
central bank data. The total provisions reported 24.51% YoY expansion to
QR42.92bn, which is 2.3% of the total liabilities of the commercial banks in
the review period, said the figures of the Qatar Central Bank. The provisions
against specific loans/advances and expected credit loss together constituted
83.13% of the total provisions in February 2022. The provisions inside Qatar
(in both local and foreign currency terms) reported a 30.12% year-on-year
surge to QR35.51bn, about 83% of the total provisions in the banking sector
in February this year. The provisions outside Qatar (in both local and foreign
currency terms) was up 3.34% on a yearly basis to QR7.42bn, which was
about 17% of the total provisions in the review period. Of the total provisions
made by the commercial banks in February, as much as QR22.16bn was made
against special loans/advances. Such provisions witnessed a 32.38%
expansion YoY. (Gulf Times)
 Widam Food change of board member representation – Widam Food
Company announced that the Al-Etkan Trading LLC- Non-Independent has
appointed Mr. Shaheen Jassim Hamad Al-Sulaiti, a Qatari national, to become
the Company approved representative on the Board of Widam Food Company
(Q.P.S.C.) replacing Mr. Safwan Fayez Hussein Al- Moubaydeen. (QSE)
 Qatari German Co. for Medical Devices AGM and EGM endorses items on
its agenda – Qatari German Co. for Medical Devices announced the results of
the AGM and EGM. The meeting was held on 24/04/2022 and the following
resolutions were approved. The Qatari German Company for Medical Devices
(Q.P.S.C) announced the results of the Ordinary and Extraordinary General
Assembly meeting held on 04/24/2022 (the reserve date), where Mr. Hazem
Al-Sarkhi of Talal Abu Ghazaleh & Co. - Observers announced Calculations A
quorum is met for the ordinary and extraordinary general assembly Ordinary
General Assembly: Where the following has been approved: 1) The report of
the Board of Directors on the company's activity and its financial position for
the fiscal year ending on 31/12/2021 and the company's future plan was
heard and approved. 2) The auditors' report on the company's balance sheet
and final accounts for the financial year ending on 12/31/2021 was
approved. 3) The company’s balance sheet and profit and loss account for the
financial year ending on 31/12/2021 were approved, and the Board of
Directors’ recommendation regarding not distributing profits. 4) The
company’s corporate governance report for the year 2021 was approved 5)
The members of the Board of Directors were absolved of liability for the
financial period ending on 31/12/2021, and no rewards were distributed. 6)
The external auditor of Mazaras Company was appointed for the fiscal year
2022, in return for a fee of 75,000 thousand (Qatari riyals). Ordinary
Extraordinary General Assembly: Where the following has been approved: 1)
The shareholders approved the request of the board of directors to continue
the company’s business despite the fact that its accumulated losses amounted
to more than the company’s capital, and it was approved. 2) Approval of the
amendment of some articles of the statute, the most important of which are
the proposed amendments in accordance with the requirements of Law No.
(8) of 2021 amending some provisions of the Commercial Companies Law
promulgated by Law No. (11) of 2015. And authorizing the Chairman of the
Board of Directors to do the necessary for this. (QSE)
 Inma Holding to hold its investors relation conference call on April 27
to discuss the financial results – Inma Holding announced that the
conference call with the Investors to discuss the financial results for the
Quarter 1 2022 will be held on 27/04/2022 at 01:30 PM, Doha Time. (QSE)
 Mazaya Qatar Real Estate Development to hold its investors relation
conference call on April 28 to discuss the financial results – Mazaya Qatar
Real Estate Development announced that the conference call with the
Investors to discuss the financial results for the Quarter 1 2022 will be held
on 28/04/2022 at 01:30 PM, Doha Time. (QSE)
 Dlala Brokerage and Investment Holding Co. to hold its investors
relation conference call on April 28 to discuss the financial results –
Dlala Brokerage and Investment Holding Co. announced that the conference
call with the Investors to discuss the financial results for the Quarter 1 2022
will be held on 28/04/2022 at 01:00 PM, Doha Time. (QSE)
 GWCS’ global logistics solutions are highlighted in a new CNN campaign
– GWCS, Qatar’s leading logistics provider, is collaborating with CNN
International Commercial (CNNIC) on a new multi-platform campaign across
Europe, Middle East and Africa (EMEA) to highlight their global logistics
services and role as the official host nation logistics provider for the FIFA
World Cup Qatar 2022. The campaign, titled ‘Life, Delivered’, showcases
GWCS’ unique role in providing intricate planning and robust infrastructure
for logistics spanning various sectors including cold chain, oil and gas,
pharmaceuticals, fine art and mega-events such as the FIFA World Cup. The
creative concept developed and produced by Create, CNNIC’s in-house studio,
focuses on the people and places within a trusted and efficient global supply
chain and a variety of communities and industries. This will be brought to life
in a branded content campaign covering a two-minute hero film, 30-second
TVC and a collection of native articles featured on a dedicated sponsored
microsite and across CNN International TV, digital and CNN Arabic.
(Peninsula Qatar)
 Trend Micro to empower Qatar’s SMBs with tailored cybersecurity
solutions –Trend Micro Incorporated, a global leader in cybersecurity
solutions, yesterday announced the launch of a strategic initiative to bolster
the cyber security stance of small and medium-sized businesses (SMBs) in
Qatar, through its Worry-Free services – a suite of SMB-specific security
solutions. The company’s goal is to strengthen the nation’s SMBs in their
digital transformation journeys through dedicated cybersecurity to protect
them in the evolving digital era. “SMBs are the backbone of our economy as
they’re at the frontline creating jobs, adding revenues and contributing to the
country’s GDP,” says Assad Arabi, Managing Director, Gulf Cluster, Trend
Micro, “They need a strong cybersecurity strategy to back their growth plans

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and maintain stability as bad actors are becoming stealthier in their approach
and consistently looking for vulnerabilities. We understand the security
needs of small businesses in Qatar and want to work closely with them,
empower them, and do every-thing in our capacity to protect their digital
assets while they achieve new standards in the digital world.” (Peninsula
Qatar)
 EU hails Qatar's achievements in labor law reforms – The annual report
of the European Union “Human Rights and Democracy in the World 2021”
praised the labor law reforms in the State of Qatar, such as the abolition of the
sponsorship system and the implementation of the minimum wage decision;
noting that they are positive steps in labor law reforms, and that the year
2021 witnessed strong labor reforms in Qatar. The EU report said that these
new reforms made Qatar the first country in the region that allows all
workers to change jobs before their contracts expire without the consent of
the employer. The report valued the relationship of the National Human
Rights Committee and its regular interaction with the institutions of the
European Parliament, and Qatar’s invitation to the European Union agency to
visit the country. The EU report pointed to the implementation of the new
minimum wage for all workers last year, including foreign workers.
(Peninsula Qatar)
 QC Chairman: Private sector playing key role in providing safe work
environment – Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim Al
Thani said Qatar has made great progress in the field of occupational health
and safety through concerted efforts from all parties concerned, including the
private sector. Speaking at Occupational Safety and Health Conference
organized by the Ministry of Labor yesterday, Sheikh Khalifa said the private
sector has taken upon itself the creation of a healthy and sound professional
environment. He noted that the welfare, safety and health of workers
contribute to ensuring societal productivity and economic development.
SheikhKhalifa said laws and legislation obligate employers to inform workers
about work risks and means of prevention, and to set detailed instructions on
occupational health and safety means to protect workers from the dangers
they may be exposed to while performing their jobs, in addition to laws on
defining and regulating services and precautions necessary to protect
workers at work from dangers that are associated with works, machinery,
means and levels, and the organization of means of prevention from
occupational diseases. (Peninsula Qatar)
 Preventive measures ensured occupational safety in Qatar – Minister of
Labor HE Dr. Ali bin Smaikh Al Marri stressed that Qatar attaches substantial
attention to occupational safety and health by supporting coordination and
fruitful cooperation with local and international partners. It is with the aim of
enhancing compliance at the national level at the same time with alignment
with international standards, the Minister said addressing the Occupational
Safety and Health Conference, held under the slogan “Occupational Safety and
Health -Commitments and Responsibilities”, as part of observing the World
Day for Safety and Health at Work, which is marked on April 28 annually.
(Peninsula Qatar)
 Qatar leads travel recovery in Middle East – Qatar is leading travel
recovery in the Middle East, demonstrating a 7% increase compared to pre-
pandemic levels, Qatar Tourism has announced citing a report by leading
travel data and analytics company ForwardKeys. “As there is much talk about
travel recovery around the world, first with the Americas leading in 2021 and
again in 2022, travel data experts at ForwardKeys are noticing the first taste
of recovery in Africa and the Middle East,” ForwardKeys says in its report,
noting that Qatar is the “most recovered destination in the Middle East”.
“Looking at the issued tickets for international arrivals in the Middle East in
Q2 this year, it’s Qatar which is the soaring falcon, demonstrating a 7%
increase compared to pre-pandemic levels,” the report states. The report
points out that the largest origin market for the Middle East is the UK with
shares of 12.8%, and while compared with 2019 it is performing well, at just
-6% behind, it’s the US that is leading the recovery with a +15% increase
compared to 2019 and shares just slightly smaller at 11.3%. (Gulf Times)
 Food delivery culture boom in Qatar boosts restaurant sales during
Ramadan – On the backdrop of a booming food delivery culture in Qatar, a
number of restaurant businesses here are witnessing a boost in their daytime
delivery sales during Ramadan to cater to non-fasting customers. Across the
region, restaurants usually witness a slowdown in business during the holy
month of Ramadan. But online food deliveries, which saw a rapid growth
during the COVID-19 pandemic, are now keeping some food businesses afloat
despite being closed to dine-in customers during daytime. “We have the
approval from the ministry for deliveries that’s why we open the restaurant
during the daytime as well. But we don’t allow customers to dine-in before
iftar. We started daytime deliveries during Ramadan in 2019 before the
pandemic. But at that time food deliveries were still not that popular. We
were not receiving much delivery orders. But now, even during daytime, we
get more orders for delivery. This Ramadan, we were receiving an average of
40-45 daily delivery orders for this branch only,” Nagendra Rai, Restaurant
Manager at Papa John’s Old Airport branch told The Peninsula yesterday.
(Peninsula Qatar)
 Remittance activity ‘gradually returning to pre-pandemic levels’ – The
availability of digital platforms and apps, as well as low daily infection rates
and more relaxed health and safety protocols, are among the factors that have
been steadily pushing remittance activity back to pre-pandemic levels,
according to an exchange house official. Similarly, foreign exchange is seeing
an uptick in activity as people are preparing to go on family vacations during
the Eid holiday, which is also one of the factors driving a surge in remittances
since the beginning of Ramadan, according to Dr Zubair Abdulrahman,
operations manager of Al Zaman Exchange. “March was one of our highest
transactions months. Since the start of Ramadan, more customers have been
sending remittances back home. We have recorded an increase of around 5%
to 10% in remittance activity compared to the previous month,”
Abdulrahman told Gulf Times yesterday, adding that the top countries that
were sending remittances include India, Pakistan, Sri Lanka, Bangladesh and
Egypt. Aside from these countries, Trust Exchange general manager KNS Das
noted that expatriates from Nepal and the Philippines were also among those
who sent the most remittances duringRamadan, allowing the exchange house
to record a 5% to 10% surge in remittance activity. (Gulf Times)
 Slew of events poised to boost Qatar tourism sector – Qatar is set to host
several events, exhibitions, and sports competitions next month aimed at
further boosting the country’s tourism sector. The region’s first-ever giant
balloon parade, as well as marching bands, daily fi rework displays, carnival
games and food stalls, will mark this year’s Eid Festival at the Doha Corniche
from May 3-5. It will also feature live music concerts by top artistes from the
Arab world – Mahmoud al-Turki, Nasser al-Kubeissi, and Sultan Khalifa. The
parade will begin at 4.30pm followed by live performances at 7.30pm while
carnival games, F&B offerings, and roaming shows will run between 4.30pm
and 11pm. At 9pm, residents and visitors will have the chance to witness a
spectacular fi reworks display. After this festivity, Qatar will be hosting a
much-anticipated event, the 18th edition of Doha Jewellery and Watches
Exhibition (DJWE), which will be held from May 9-13 at the Doha Exhibition
and Convention Centre (DECC). (Gulf Times)
 Qatar chosen as coordinator for Arab countries in ILO – THE Arab Group
at the International Labor Organization (ILO) has chosen Qatar as the group’s
coordinator at the ILO in Geneva. Qatar, represented by the Ministry of Labor,
will undertake the task of coordination between Arab countries to unify their
positions related to international labor issues of common concern. (Qatar
Tribune)
 QEERI’s new corrosion testing capabilities to help smoothen transition
to hydrogen energy – Qatar Environment and Energy Research Institute
(QEERI), part of Hamad Bin Khalifa University (HBKU), is enhancing its
corrosion research capabilities with the commissioning of a new testing
facility for examining hydrogen interaction with metals. Established under
QEERI’s Corrosion Centre, the facility will contribute to the development of
knowledge-based predictive models. These will help Qatar’s major industries
cope with the challenges related to materials integrity towards establishing a
hydrogen economy. The new facility enables QEERI scientists to study the
effect of hydrogen on material mechanical properties at different length
scales, from manometer to centimeter. Deploying the most advanced
techniques makes it possible to measure the hydrogen content and then
correlate it with the change in mechanical properties. Hydrogen is the
smallest and most abundant atom in the universe. The atom’s small size
makes it easy to ingress metals and move around in the crystal structure of
the metal at ambient temperature. This results in hydrogen embrittlement,
which is the local enrichment of the hydrogen in the metal microstructure,
leading to unexpected cracking and failure of metallic components in contact
with hydrogen. Hydrogen embrittlement, in turn, is creating a bottleneck in
the transition from fossil fuels to renewable energy – particularly as the
energy ecosystem is evolving, and hydrogen is emerging as an important
energy carrier. (Bloomberg)
International
 Asking prices for UK houses jump again in April, survey shows – Asking
prices for houses in Britain surged again in April but momentum in the
housing market should slow as consumers are hit increasingly by the growing
cost of living crisis, a survey showed on Monday. Property search website
Rightmove said asking prices rose by 1.6% this month, slowing slightly from
a 1.7% rise in March. More than half of houses are currently selling at or
above the asking price, the survey showed. The report echoed other gauges
that show Britain's housing market retained much of its momentum in the
first half of 2022, despite the phasing out of temporary tax breaks on property

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purchases in the second half of 2021. But with household budgets being
squeezed by high inflation and tax rises, Rightmove had doubts about
whether the housing market can keep up its recent strength - even though
there is scant sign of a slowdown now. "While growing affordability
constraints mean that this momentum is not sustainable for the longer term,
the high demand from a large number of buyers chasing too few properties
for sale has led to a spring price frenzy," Rightmove managing director Tim
Bannister said. (Reuters)
 China should act to ease COVID impact, boost growth over 5%, central
bank official says – China should take steps to soften the economic impact
of COVID-19 and boost annual economic growth back above 5%, a top central
bank official said on Sunday. Wang Yiming, a member of the Monetary Policy
Committee of the People's Bank of China, told an economic forum the effective
management of macroeconomic policies was critical in laying the foundation
for the country to achieve the national growth target of around 5.5%. Gross
domestic product rose 4.8% in the first quarter from the same period last
year. Beijing should "actively and effectively" expand domestic demand,
stabilize the country's industrial supply chains and manage market
expectations, Wang said. His comments come as Shanghai - China's most
populous city and most important economic hub - battles the country's
biggest COVID outbreak. Shanghai's lockdown, which for many residents has
lasted over three weeks, has fuelled frustration over access to food and
medical care, lost wages, family separation and quarantine conditions. This
has also dragged on the world's second-largest economy, with factory
production disrupted by snarled supply chains and difficulties faced by
locked-down residents returning to work. (Reuters)
 Sources: Some Chinese state banks will cut deposit rates on Monday –
Some Chinese state banks, such as Bank of China and Bank of
Communications, will cut deposit rate ceilings on Monday, joining smaller
lenders, sources told Reuters. The planned cuts come a week after regulators
encouraged smaller banks to lower the ceiling for their deposit rates. The
moves will also coincide with China’s reduction in banks’ reserve
requirements, effective on Monday. Bank of China will cut the rates for time
deposits of 2-3 year tenors by roughly 10 basis points, according to two
banking sources. Bank of Communications will make similar moves, said
another source. Bank of China and Bank of Communications were not
immediately reachable for comment outside working hours. It was not
immediately clear if other state banks, including Industrial and Commercial
Bank of China (ICBC), China Construction Bank (CCB) and Agricultural Bank
of China will also cut deposit rates, but the sources say state lenders typically
move in tandem on rate moves. Beijing has repeatedly urged banks to reduce
borrowing costs for smaller companies in an economy hit by COVID-19
outbreaks, fallout from the Ukraine crisis, and capital outflows triggered by
US monetary tightening. To prod banks to lend more, the PBOC has
announced it would cut the reserve requirement ratio (RRR) for all banks by
25 basis points, effective from April 25. Rocky Fan, economist at Guolian
Securities, said that cutting deposit rates could incentivize banks to reduce
lending rates, by lowering their own borrowing costs. “One major reason
banks are reluctant to cut loan rates now, is that the move would hurt their
margins.” Lower deposit rates are also conducive to more effective use of
money, and will benefit consumption and investment, Fan added. In mid-
April, the interest rate self-disciplinary mechanism, a top regulatory body
overseen by the People’s Bank of China, urged smaller lenders to lower
deposit ceilings on time deposits by about 10 basis points, sources told
Reuters. Banks including Industrial Bank and China Zheshang Bank have
already made the adjustment, according to direct sources. (Reuters)
 Macron gets second chance – Emmanuel Macron won another crack at
convincing the French public that his pro-business, pro-European vision can
work for them, after beating nationalist rival Marine Le Pen in Sunday’s
election. About half the French approve of his handling of the economy during
the pandemic and his efforts to help end Russia’s war in Ukraine. His approval
rating was at 51% in March and the euro rose in early trading in Sydney
following the election result. (Bloomberg)
Regional
 Corporate tax to bolster UAE economy manifold – The newly introduced
corporate tax will strengthen the UAE’s economy manifold as the country
would attract well-meaning businesses and corporate behemoths, said
Nimish Goel, country partner at WTS Dhruva Consultants. On January 31,
2022, the UAE announced plans to introduce corporate tax at a headline rate
of 9% for taxable net income greater than Dh375,000. In addition, a different
rate will be proposed for very large companies that are covered under the
provisions of OECD Pillar2. This rate of tax could be 15%. The domestic
corporate tax regime will be effective for financial years starting on or after
June 1, 2023. The proposed tax rate is competitive and is comparable to global
low tax hubs. With the introduction of VAT in 2018, Country-by-Country
Reporting, and ESR in 2019, the introduction of corporate tax was written on
the wall. Goel said, “In my opinion, the introduction of corporate tax was
imminent after OECD’s Pillar1 and Pillar2 announcements to which UAE is a
signatory. With a Global Minimum Tax proposed under Pillar2, the absence of
a corporate tax in the country would have led the UAE to lose its share of tax,
which anyways would have been collected by other countries. This would
have led UAE to finance the other country, instead of financing the foreign
companies based in the UAE. Further, for UAE to remain a dominant force in
attracting foreign capital, it was critical to remove the country’s image as a
tax haven and put in place measures that make UAE a true attraction for
global investment.” (Zawya)
 Expo 2020 leaves promising imprints on the UAE economy – Expo 2020
Dubai has strengthened the leadership of the logistics sector and transport
and shipping services in the UAE and Dubai in particular, by virtue of the
infrastructure of the UAE, including land roads, seaports, airports, and
facilities granted to investors. Thus, the country achieved advanced ranks
globally in important logistical indicators such as “Agility”, not to mention the
acceleration of trade and supply chain movement during the past year 2021,
despite the significant repercussions caused by the “pandemic”. There is no
doubt that mobility is one of the main pillars of the largest event in the history
of the UAE and the region in general, which provided opportunities to
facilitate communication between people and the exchange of ideas and
goods, in addition to facilitating access to markets, knowledge and
innovations. The logistics sector in the UAE witnessed positive trends
throughout the period of “Expo 2020”; As the country has enhanced the value
of its foreign trade, and DB World has enhanced its handling in the region
through its most important port in the region, Jebel Ali, and the UAE has also
been able to find a leading place in theworld’s major economies and in service
and logistical indicators. (Bloomberg)
 Bahrain’s GFH to cross-list shares on Abu Dhabi Securities Exchange in
May – Bahrain’s GFH Financial Group on Sunday plans to cross-list its shares
on the Abu Dhabi Securities Exchange (ADX) in May 2022, making it the
group’s fourth regional listing. The financial group’s shares already trade on
the Bahrain Bourse (BHB), Dubai Financial Market (DFM) and Boursa Kuwait
(BK). Current shareholders of the Group will be able to transfer shares from
existing markets where they hold shares to ADX. Its shares closed at Dh1.17
per share on Friday, down 0.84%, on the Dubai bourse. (Bloomberg)
 BAB: Bahrain’s outlook upgrade points to improved finances – Moody's
raising Bahrain's sovereign rating from negative to stable and confirming its
credit rating at B2, validates that the kingdom's financial and economic
conditions have improved, said the Bahrain Association of Banks (BAB). Dr
Waheed Al Qassim, BAB's CEO, emphasized the significance of Moody’s
upgrade, which came as a result of high oil prices since early 2021 and its
expectations that oil prices will remain high in the coming years. This will
result in a more balanced budget and reduce pressure on liquidity and the
accumulation of public debt, he said. This is in addition to the government’s
commitment to implement a fiscal balancing program, which raises the
potential of additional financial assistance from neighboring GCC sovereign
states in a timely manner if necessary. (Bloomberg)
 Omanization: Over 10,000 citizens replace expats in various jobs – More
than 10,000 citizens were employed in the government and private sectors in
the first three months of 2022, replacing expatriate workers who were earlier
holding these positions. Oman TV reported that 10,017 male and female
citizens were employed in the government and private sectors in the first
quarter of this year out of the target of 35,000 jobs for 2022. (Zawya)
 New investment opportunities to be announced today in Oman – The
Ministry of Commerce, Industry, and Investment Promotion (MOCIIP), in
cooperation with the government and private sectors, will launch 18
investment opportunities in the tourism and waste management sectors at
Oman Convention and Exhibition Center on Sunday, April 24. The
announcement will be made in the presence of Salem bin Mohammed al
Mahrouqi, Minister of Heritage and Tourism, officials, ambassadors, and
representatives of several private sector companies, businessmen, and
investors. This launch is part of the ministry’s initiatives to find investment
opportunities in various sectors, in partnership with the Muscat National
Development and Investment Company (ASAS), the Omani Tourism
Development Company (Omran), the Omani Environmental Services Holding
Company (Bee’ah), and the Jabal Busher Heights Real Estate Development
Company, where some investment opportunities are available for feasibility
studies and market assessment studies. Through these initiatives and plans,
the ministry aims to attract qualitative investmentsin the sectors of economic
diversification, create an appropriate environment for the success and
development of all investments, and empower the private sector to invest.
The investment opportunities will also be published through the Invest in

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Monday, 25April2022
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Oman platform, and those wishing to invest can enter via
https://investinoman.om/ and register. They can also access 72 other
investment opportunities on that platform. The Sultanate has made many
facilities to bring investment to the Sultanate of Oman, including updating the
foreign capital investment law, allowing 100% ownership, and many
incentives and guarantees for the foreign investor. An investor residence
program for investment in the Sultanate was launched for periods ranging
from 5 to 10 years, subject to extension as per procedures. (Zawya)
 Oman's sovereign wealth fund splits into two portfolios – The Oman
Investment Authority has split its assets into local and foreign portfolios, the
state news agency said on Sunday. Abdulsalam al-Murshidi head of the Omani
Investment Authority said the "Generation Portfolio", which consists of
foreign assets and some local assets in various instruments including public
and private markets, in addition to real estate, aims at achieving the greatest
returns for future generations, the news agency reported. The “National
Development Portfolio” is concerned with managing local assets and more
than 160 Omani companies, and aims to contribute to the growth and
development of the economy, in addition to supporting the state's general
budget through dividends, privatization proceeds, and treasury management.
Oman established the Oman Investment Authority in 2020 to own and
manage most of its sovereign wealth fund and finance ministry assets.
(Reuters)
 Growth expected in Kuwait economy by 5.8% in 2022 – The Kuwaiti
economy is expected to increase by 5.8% in 2022, and about 3.8 percent in
2023, supported by the growth of non-oil sectors and an increase in the
production in the oil sector, reports Al-Rai daily. According to the “Arab
Economic Prospects” report issued by the Arab Monetary Fund, which
includes expectations of the overall economic performance of Arab countries
on a number of levels in the years 2022 and 2023, it is expected that the pace
of Kuwait’s economic growth will be affected by the surrounding conditions.
The economic activity in Kuwait will return to the pre-pandemic level by
2023, in conjunction with the recovery of oil production in 2022 on the
background of increased production in accordance with the decisions of the
Organization of Petroleum Exporting Countries (OPEC), and the continued
recovery of the nonoil sector. (Zawya)

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Rebased Performance
Source: Bloomberg
Daily Index Performance
Source: Bloomberg
Asset/Currency Performance Close ($) 1D% WTD% YTD%
Gold/Ounce 1,931.60 (1.0) (2.4) 5.6
Silver/Ounce 24.14 (2.1) (5.5) 3.6
Crude Oil (Brent)/Barrel (FM Future) 106.65 (1.6) (4.5) 37.1
Crude Oil (WTI)/Barrel (FM Future) 102.07 (1.7) (4.6) 35.7
Natural Gas (Henry Hub)/MMBtu 6.59 (4.2) (4.5) 80.1
LPG Propane (Arab Gulf)/Ton 128.50 (3.2) (6.0) 14.5
LPG Butane (Arab Gulf)/Ton 156.50 1.3 9.0 12.4
Euro 1.08 (0.4) (0.2) (5.1)
Yen 128.50 0.1 1.6 11.7
GBP 1.28 (1.5) (1.7) (5.1)
CHF 1.04 (0.4) (1.5) (4.7)
AUD 0.72 (1.8) (2.0) (0.3)
USD Index 101.22 0.6 0.7 5.8
RUB 118.69 0.0 0.0 58.9
BRL 0.21 (3.7) (2.0) 16.2
Source: Bloomberg
Global Indices Performance Close 1D%* WTD%* YTD%*
MSCI World Index 2,882.45 (2.6) (2.6) (10.8)
DJ Industrial 33,811.40 (2.8) (1.9) (7.0)
S&P 500 4,271.78 (2.8) (2.8) (10.4)
NASDAQ 100 12,839.29 (2.5) (3.8) (17.9)
STOXX 600 453.31 (2.4) (1.8) (12.0)
DAX 14,142.09 (3.1) (0.5) (15.2)
FTSE 100 7,521.68 (2.9) (2.9) (3.4)
CAC 40 6,581.42 (2.6) (0.5) (12.9)
Nikkei 27,105.26 (1.8) (1.9) (15.9)
MSCI EM 1,075.60 (1.0) (3.4) (12.7)
SHANGHAI SE Composite 3,086.92 (0.6) (5.8) (17.1)
HANG SENG 20,638.52 (0.2) (4.1) (12.3)
BSE SENSEX 57,197.15 (1.5) (2.5) (4.4)
Bovespa 111,077.51 (6.3) (5.9) 23.1
RTS 928.30 (3.4) (2.8) (41.8)
Source: Bloomberg (*$ adjusted returns)
60.0
80.0
100.0
120.0
140.0
160.0
180.0
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
QSE Index S&P Pan Arab S&P GCC
(0.5%) (0.5%) (0.4%) (0.3%) (0.4%)
0.2%
0.5%
(0.8%)
0.0%
0.8%
1.6%
Saudi
Arabia
Qatar
Kuwait
Bahrain
Oman
Abu
Dhabi
Dubai
168.4
157.7
155.8

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Contacts
QNB Financial Services Co. W.L.L. Contact
Center: (+974) 4476 6666
info@qnbfs.com.qa
Doha, Qatar
Saugata Sarkar, CFA, CAIA Head
of Research
saugata.sarkar@qnbfs.com.qa
Shahan Keushgerian Senior
Research Analyst
shahan.keushgerian@qnbfs.com.qa
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